GREEK MEP Eva Kaili demanded Germany make a “fair distribution” of wealth in Europe as Greece and Italy remain to be the two countries most burdened by debt in the eurozone.

The Greek MEP said Italy should have "fast acting reforms" in order to avoid a financial crisis similar to what struck Greece in 2009.

Speaking onCNBC, Ms Kaili said in order to avoid another financial crisis Germany should redistribute its wealth across the eurozone. She said: “I do believe that Germany should decide to have a more fair distribution of wealth in Europe. And this would help us avoid situations like that.

“So, we are working towards other action but we still have a long way to go.”

The Greek politician admitted euroscepticism is rising among member states after Italy voted for anti-EU political parties Lega and Five Star Movement (M5S) in its March elections.

Mr Kotzias told a news conference with his German counterpart Heiko Maas that any situation in Italy could have grave knock-on effects – as Greece remains set to end what it hopes to be its final bailout programme in August 2017.

He said: “We are worried that if there is instability and it has an impact on the financial situation, this financial situation could create extra problems for us.

“We want a stable, democratic and pro-European Italy.”

Greece’s debt still stands at 180 percent of GDP with Italy in second place at 132 percent.

After seven years of austerity and rescue loans amounting to around £238.31 billion, Greece has been fighting for the bailouts and subsequent austerity measure to end this summer.